Personal Debt in the UK
The population of the UK grew by an estimated 990 people a day between 2018 and 2019.
- On average, a UK household spends £3.93 a day on water, electricity, and gas.
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- 239 people a day were declared insolvent or bankrupt in England and Wales in June to August 2020. This was equivalent to one person every 6 minutes and 12 seconds.
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- In Northern Ireland, there were 6 insolvencies per day and in Scotland 17 insolvencies per day.
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- Citizens Advice Bureaux in England and Wales dealt with 2,124 debt issues every day in the year to July 2020.
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- 1 property were repossessed every day in April to June 2020 in the UK, or one every 24 hours and 15 minutes.
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- The number of UK mortgages with arrears of over 2.5% of the remaining balance fell by 7 a day.
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- The number of people unemployed in the UK fell by 284 per day in the year to July 2020.
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- 1,696 people a day reported they had become redundant in May to July 2020.
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- Net lending to individuals and housing associations in the UK grew by £112 million a day in July 2020.
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- Government debt increased by £582 million a day in the year to August 2020.
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- Borrowers paid £126 million a day in interest in July 2020.
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- It costs an average of £22.92 per day for a couple to raise a child from birth to the age of 18.
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- For a lone parent family, the cost of raising a child comes to £28.16 per day.
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- 2 mortgage possession claims and 2 mortgage possession orders were made every day in England and Wales in April to June 2020.
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- 33 landlord possession claims and 7 landlord possession orders were made every day
Arising from Coronavirus pandemic
- -20.4% Amount the UK economy shrank in April to June 2020 (ONS).
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- 9.3 million Number of employees furloughed as on 28 June 2020 (OBR).
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- +49,000 Increase in official unemployment of people aged 18-24 in the three months to July 2020 (ONS).
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- -169,000 Fall in employment of 18-24 year olds between February and July 2020 (ONS).
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- 1.9 million Number of mortgage deferrals offered by UK lenders up to June 2020 (one-sixth of all mortgages) (UK Finance).
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- 27 million Number of interest-free overdrafts offered by UK lenders up to June 2020 (UK Finance).
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- 87% Proportion of those earning £50,000+ per year who receive full pay when off work due to illness (TUC/BritainThinks).
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- 34% Proportion of those earning up to £15,000 per year who receive full pay when off work due to illness (TUC/BritainThinks).
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- -37.2% Fall in cash machine transactions in the year to August 2020 (LINK).
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- +48,000 Increase in redundancies in the three months to July 2020 (ONS).
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- 28.1% Internet sales as proportion of all retail sales in August 2020 (up from around 20% at the beginning of 2020) (ONS).
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- 227,000 Number of private renters who have fallen into arrears since the beginning of the pandemic and are at risk of eviction (Shelter).
Statistics Source: http://www.themoneycharity.org.uk
We have assisted many people with personal debt in the UK – view our testimonials here https://www.griffinandking.co.uk/testimonials.php
If you would like further information on Corporate or Personal debt solutions please contact Griffin & King Insolvency Practitioners on 01922 722205, and speak to Tim, Mark or Janet.
You can also contact Janet by email on janetpeacock@iresource.co.uk or janet.peacock@griffinandking.co.uk, or by text or calling on 07545 806 531.
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